Tag: Nevada

Nevada Bill Marks Third Try at Establishing State-Sponsored Retirement Plan

Mary Pat Campbell

Link: https://www.ai-cio.com/news/nevada-bill-marks-third-try-at-establishing-state-sponsored-retirement-plan/

Excerpt:

Nevada State Senator Dallas Harris is hoping the third time is the charm and has introduced a bill to create a state-supported retirement plan after two previous attempts by the legislature died on the vine.

The bill, SB305, would create the Nevada Employee Savings Trust, which would be directed by a board of trustees with the power to establish a retirement savings program and automatically enroll private employees who do not have a retirement savings plan available via their workplace. To be enrolled, an employee would need to be at least 18 years old, have worked at the same place for 120 days and have wages that are allocable to the state, although employees would be allowed to opt out.

….

The current bill stipulates that the board is required to establish one or more investment funds and that the underlying investments of each fund must be diversified “so as to minimize the risk of large losses under any circumstances.” The board also may, at any time, add, replace or remove any investment fund.

 The underlying investments may include shares of mutual funds, exchange-traded funds, publicly traded equity and fixed-income securities, as well as other investments available for investment. However, the investment funds would be prohibited from investing in any bond, debt instrument or other security issued by the state of Nevada.

Author(s): Michael Katz

Publication Date: 24 Apr 2023

Publication Site: ai-CIO

Nevada’s Pension Debt Soars to $18B, Teachers Pay Nation’s Highest Retirement Costs

Mary Pat Campbell

Link: https://www.npri.org/pension-debt-soars-nv-teachers-now-pay-highest-rates-in-us/

Graphic:

Excerpt:

PERS consists of two separate plans: one for police and fire members (the safety plan); and one for everyone else (the regular plan).

The annual contribution rates for safety plan members will rise to 50 percent in July — which means taxpayers must send PERS an additional 50 cents for every $1 in salary paid to police officers and firefighters. The contribution rate for regular plan members, which includes teachers, will rise to 33.5 percent of salary.

PERS costs are split evenly between taxpayers and the employee, with the employee typically paying their half through an equivalent salary reduction. This means that regular plan members, which include teachers, will see their paychecks reduced by nearly 17 percent annually starting this July — a rate that is higher than what any other group of comparable public employees nationwide pays for their respective PERS plan.

Unfortunately, these record-high contributions will not be enough to stop PERS’s debt from continuing to grow, according to the system’s just-released actuarial report.

Indeed, PERS’s actuary had determined that much larger rate increases are needed (37.5 percent for regular plan members and 57.5 percent for safety members), but the PERS Board directed the actuary to “phase-in” the necessary cost increase incrementally over four years, rather than all at once. But there is a cost to delaying the implementation of the necessary contribution rate increases — more debt, and thus a greater likelihood of future rate hikes.

Author(s): Robert Fellner

Publication Date: 9 Jan 2023

Publication Site: Nevada Policy Research Institute

Republicans ride ESG backlash to state financial offices

Mary Pat Campbell

Link: https://rollcall.com/2022/11/17/republicans-ride-esg-backlash-to-state-financial-offices/

Excerpt:

Republicans picked up state financial officer positions during the midterm elections amid a campaign against environmental, social and governance investing.

Five positions — in Kansas, Iowa, Missouri, Nevada and Wisconsin — flipped from Democratic to Republican in races for state auditor, controller or treasurer. Of the 50 directly elected positions, Republicans won 29 and Democrats won 19, according to an analysis from Ballotpedia. Two races remain uncalled.

A handful of Republicans’ campaigns for state financial officers focused on ESG, echoing sentiments from GOP officials at statehouses across the country and in Congress who say ESG investing is harming capital markets and domestic energy production and reject the case made by Democrats, major investors and other proponents.

At stake is a suite of legislation and rules that would curb ESG as a material consideration, along with other financial factors, for investors. The proposals include policies for states’ pension funds to divest hundreds of millions of dollars from financial institutions that incorporate ESG — and especially climate — in their investment decisions.

Author(s): Ellen Meyers

Publication Date: 17 Nov 2022

Publication Site: Roll Call

Citations for Driving 100 Mph-Plus Climbing in Nevada

Mary Pat Campbell

Link:https://www.insurancejournal.com/news/west/2022/02/07/652352.htm

Excerpt:

The number of drivers ticketed in Nevada for putting the pedal to the metal in violation of speed limits continues to climb.

Nevada Office of Traffic Safety data indicates over 5,100 citations were issued in 2021 to drivers going over 100 mph, up from over 3,500 in 2019 and over 4,400 in 2020, local news outlets reported.

“I would say there are definitely hundreds, if not thousands, of more citations of this type (that) would be given out if we are fully staffed,” said trooper Matthew Kaplan, president of the Nevada Police Union. “The ability to be out there enforcing is severely handicapped right now.”

Author(s): Associated Press

Publication Date: 7 Feb 2022

Publication Site: Insurance Journal